Episode Transcript
[00:00:00] Welcome back to episode two of this money series that we're doing especially for black men.
[00:00:08] Why traditional financial advice doesn't fit us, right? You've probably heard stories. Actually, I was talking to a friend about this. Probably heard stories about friends that were gifted money for a house, right? Maybe 100,000, 10,000 wedding gifts, head Start. So maybe like a trust or fund or whatever that may be, right? And a friend of mine was saying, man, you know what? It's not fair. I can't believe it. You know, I didn't have a dad or I didn't have a mom.
[00:00:35] Well, actually, I had. I didn't have a dad. I had a mom. And she was a single mom. She worked really hard, but she couldn't give me that. And he was. And he was envious.
[00:00:43] Totally get it. I said, you know what? I get it. Because nearly one out of five black holes financially support extended family regularly.
[00:00:54] That's pure review study, right? Peer review study. And Pew is a research facility that actually, that I got that stat from. And they're just talking about how literally we have to help other families financially so that way we don't really build wealth. And something I want to say, I want to tell us as men is that we can complain. We could sit there and talk and say, man, you know what? We were killed. We were stabbed.
[00:01:29] Most horrible atrocity happened to us. I am not negating that whatsoever. But at the end of the day, we have to execute and take action where we currently are.
[00:01:42] We don't have the financial safety net, right?
[00:01:46] A lot of us can't just run back to our parents or can't run back to our grandmas because now we're becoming the adults. Our parents are getting older.
[00:01:55] They can't sustain for the longest time. And a lot of traditional advice out there is predicated on you having a stable financial.
[00:02:08] You come from a stable financial backing, which we don't.
[00:02:12] A lot of us actually come out worse than where we started, right? So why am I saying all this, right? I'm saying this because we have no financial cushion. We have no generational cushion to help us, right? If we fail, we fail. Everyone else after us fails, too, and everyone else after that. So I am just saying, hey, I get it.
[00:02:32] I'm in the same position as you. I get that. But what I want you to say is that you have an obligation.
[00:02:37] Because now you're hearing this information, and even myself, after I learned all this information, I had to make sure that the people come after me don't have the Same issues going forward.
[00:02:47] That means plain and simple, it could be that if I started at zero, but my kids start with 1,000, 5,000, 10,000 you won.
[00:02:58] That's how simple it is. Okay?
[00:03:01] And I want you to understand that we could sit here, we can complain all day, just like there's men online that complain about how women have it easier than men or men or leaders and whatever, right? We could do that, but we could actually build action plan. And that's what I want to do here.
[00:03:20] So I want you to understand that your friends started at a different position than you. And that's totally okay for them, but for you, it's going to look different. It's going to look a little, maybe a little hosh posh, right? Maybe things put together, mixed together. So what I want to say is that financial traditional advice just doesn't fit us all the time.
[00:03:41] And that's okay. But I want you to start building multiple income mindset. What does that mean? That means you have a job and then you get set in that job, you learn that job, and then after that you build a business, you serve the community with some type of business. I'll go more in depth into the business that I built that I think is perfect for anybody starting out. And anyone can do it. But I want you to understand, just because you're starting the line even at a disadvantage doesn't mean that the playbook can change for you all the time.
[00:04:21] So what I mean by that, that means that, hey, look, maybe everyone else is starting 100 meters ahead and you're 100 meters behind.
[00:04:31] The playbook for you is still the same. You just have to jump through a few hoops before you get to the the official starting line.
[00:04:38] It is what it is, right? We're men, we're leaders. Our people have gone through the most worst atrocity, right?
[00:04:46] All we have to do is keep moving forward and keep leading our people forward. All right? As black men, that is our responsibility.
[00:04:53] This is really not an action step. This is just more of a kick in the butt motivation. Like, hey, I get looks bad. I get it. There's a lot of issues. I get it. There's a lot of trouble, right? I get it. It is heavy. It's a heavy financial burden. But I have done it and I'm currently doing it again. And you can currently do it. I believe in you. All right, let's get to work.
